Century Plyboards (532548) Q2 25/26 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of ₹1,386 crore, up 17.1% year-on-year, with H1 revenue growth of 16.7% driven by strong demand and execution across all segments.

• Highest-ever consolidated EBITDA (ex-forex) at ₹181.7 crore; EBITDA margin (ex-forex) improved to 13.1% from 10.3% last year due to cost optimization and higher capacity utilization.

• Standalone and consolidated financial results for the quarter and half year ended 30th September 2025 were approved by the Board and reviewed by statutory auditors, with no material misstatements identified.

• Standalone working capital cycle improved to 63 days from 76 days in FY24; consolidated cycle improved to 70 days from 84 days.

• Cash flow from operating activities increased to ₹269.4 crore in H1, compared to negative ₹2.73 crore in FY24-25, reflecting efficient working capital management.

Financial highlights

• Standalone revenue from operations for Q2 FY26 was ₹120,476.81 lakhs, up from ₹106,319.23 lakhs in Q2 FY25; half-year revenue was ₹222,201.28 lakhs, up from ₹201,541.88 lakhs year-over-year.

• Consolidated revenue from operations for Q2 FY26 was ₹138,553.31 lakhs, up from ₹118,361.52 lakhs in Q2 FY25; half-year revenue was ₹255,489.30 lakhs, up from ₹218,899.90 lakhs year-over-year.

• Standalone profit after tax for H1 FY25-26 was ₹140.57 crore, with a PAT margin of 6.3%.

• Consolidated net profit for Q2 FY26 was ₹7,094.46 lakhs, up from ₹3,998.58 lakhs in Q2 FY25; half-year net profit was ₹12,387.36 lakhs, up from ₹7,409.37 lakhs year-over-year.

• Cash and cash equivalents at the end of September 2025 stood at ₹2,841.66 crore.

Outlook and guidance

• Growth momentum expected to continue across all major segments, supported by urbanization, rising incomes, and premiumization trends.

• FY25-26 sales growth targets: Plywood 13%+, Laminates 15–17%, MDF 25%, Particle Board 40%.

• EBITDA margin guidance: Plywood 12–14%, Laminates 8–10% (standalone), MDF 15% (consolidated), Particle Board steady state margin of 15%.

• MDF industry expected to grow 15%-20% annually; internal deliberations ongoing for future capacity expansion.

• Confident in achieving 40% sales growth in particle boards, targeting ₹2 billion annual revenue for the segment.